RadioShack to close up to 1,100 stores

8:32 PM,
Mar. 4, 2014

RadioShack announced plans Tuesday to close over 1,000 of its underperforming stores, approximately 20 percent of its retail locations, as part of a restructuring to be more competitive in retail electronics. An analyst estimated that that 5,000 to 10,000 employees will be affected by the store closings, although some will be moved to other locations.

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RadioShack said Tuesday that it will close up to a fifth of its nearly 5,200 U.S. stores amid widening losses in an effort to remake itself for a more competitive era of electronics retailing.

Up to 1,100 poorly performing stores are slated for closure, but the company did not identify their locations, set a deadline or say how many employees would be affected. The company must negotiate with landlords and seek approval from lenders before carrying out its plan. RadioShack has been trying to revamp its stores for the past year.